The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The market data is provided by the HitBTC exchange.[1]
Larger players always have an unfair advantage over the retail traders as they have the money and the resources to manipulate prices. Many crypto investors have been complaining against the manipulation in the markets, which hurts small investors.
If the U.S. Department of Justice (DoJ) can identify and nail the culprits[2], it will immensely benefit the cryptocurrencies in the long-term. Many other traders[3] also agree[4] that these crackdowns will have positive influence on the markets.
A study by Weiss Ratings[5] showcases that if the US Federal Reserve dilutes the “Volcker Rule” - which restricts the banks from indulging in risky assets to earn profits - Americans are likely to turn to cryptocurrencies.
Considering the flow of positive news in cryptos, we have been bullish for a while but are waiting for the opportune time to buy. Due to the highly volatile nature of digital currencies, we want to identify our risk before buying.
Let’s see if we get some low-risk buy setups today?
BTC/USD
Bitcoin[6] is sliding towards its lower target objective of $7,000. The attempt by the bulls to pull back on May 24 could not find buyers at higher levels, and prices have turned down once again. Currently, the digital currency is trying to hold the trendline support. If successful, a relief rally to $9,000 is probable.
If the trendline breaks, the next major support zone is between $6,075.04-$7,000, which will
